RE: Oil and Gas Prices....16 Jun 2021 12:10
The FT reported yesterday that executives at Glencore, Goldman Sachs and other firms have said $100 oil is a real possibility, due to a combination of supply constraints, falling oil reserve levels, and a rebound in demand. Major oil producers such as BP have plans to cut their production to shift investments towards greener energy. Oil entered the year at just under $50 a barrel, and is now close to 50% above that level. This morning, oil prices continued to climb, trading above $72 for the first time since October 2018.